Price of gold in Vietnam fell by VND200,000 per tael (1.2 ounces) over the previous day on February 28 as global price slid due to a stronger US dollar.
Sacombank Jewellery Company bought gold at VND44.87 million and sold at VND45.02 million as of 9 am Vietnamese time.
Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.86 million and sold at VND45.01 million as of 10.38 am Vietnamese time.
Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.91 million and sold at VND45.01 million as of 9.16 am Vietnamese time.
Bao Tin Minh Chau Jewellery Company quoted price at VND43.85 million for buying, and at VND44.1 million for selling at 11.10 am Vietnamese time.
Domestically, gold fetched around VND670,000 a tael, higher than global price.
Dollar exchange rate also dropped slightly this morning on free market. However, the rate remained staying around VND20,800 per dollar. The greenback bought at VND20,800 per dollar, and sold at VND20,820 per dollar, down VND10 per dollar over the previous day.
Meanwhile, commercial banks chopped their rates drastically. Vietcombank bought dollar at VND20,790 per dollar, and sold at VND20,850 per dollar, a decrease of VND30 per dollar over the previous day.
Internationally, gold retreated from a 10-month high as the US dollar strengthened, curbing demand for the precious metal as an alternative asset.
Gold for immediate delivery fell as much as $5.5 an ounce, or 0.3 per cent, to close at $1,769.1 an ounce on the Comex in New York.
Spot gold was traded at $1,768.3 an ounce, down $0.8 an ounce, at 9.05 am Vietnamese time.
The euro exchange rate against the US dollar dropped to just above $1.34 a euro in Tokyo this morning from nearly $1.36 a euro the previous day.
Crude oil futures for April delivery slid $0.64 a barrel to trade at $107.92 a barrel on the New York Mercantile Exchange at 9.15 am Vietnamese time.